Perfect competition is the simplest market structure, where the market is assumed to be in equilibrium and that all sellers sell the same product at the same price. The four conditions for perfect competition are:
1. There are many buyers and sellers in the market so that no one individual or seller can influence the price of the products, goods, and services.
2. Identical products are offered by the sellers
3. Both the buyers and the sellers are well-informed about the products and want to maximize profit.
4. Entry and exit to and from the market can be done freely by the sellers and buyers.
There is no market which displays 100% perfect competition. However, markets exhibiting nearly perfect competition do exist. These include street food vending and agricultural markets.
All sources will have some element of bias in them due to the fact that they are products of a specific person's (or specific people's) views. The best ways to deal with bias are 1) to acknowledge the bias and comment on it, 2) to include several sources with differing biases and discuss their differences, or 3) the analyze what the existence of the bias might indicate about the issue.
In recent decades american political thinking has become more CONSERVATIVE
Answer:
A. raise the price of the cinnamon rolls
Explanation:
The local bakery makes such great cinnamon rolls that consumers do not respond much at all to a change in the price. If the owner is only interested in increasing revenue, she should raise the price of the cinnamon rolls. Cinnamon roll is an inelastic good in the community thus an increase in its price will not reduce quantity demanded. The owner of the bakery should increase price.
